Hugh Bayley
Main Page: Hugh Bayley (Labour - York Central)Department Debates - View all Hugh Bayley's debates with the HM Treasury
(11 years, 4 months ago)
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Danny Alexander
First, every insurance company will have to sign up to the Flood Re deal in order to be valid, and as I said in my statement, we will bring forward amendments to the Water Bill to take backstop regulatory powers in case that does not happen.
Hugh Bayley (York Central) (Lab)
Some of my constituents cannot sell their homes because when they, or the new buyer, seek flood insurance, it is completely unaffordable; one person was told the excess would be 20% of the value of the home. When will this initial agreement become a substantive agreement, so as to allow these people to get on with their lives?
Danny Alexander
As part of the proposed arrangements, excesses would be capped to deal with the problem the hon. Gentleman mentions. We will bring forward the amendments to the Water Bill in the autumn.